Gail in Virginia

I think that you are correct, Christian. Even though this is not a mutual fund, a distribution from a qualified plan has the option when they take the distribution in kind to pay tax on the stock distribution and continue to hold the stock. That establishes their basis, and therefore I would consider that to be one lot. Unless he has received other shares since his distribution as taxable dividends, he only has the single lot. Therefore, your method is FIFO for this lot, IMO.

I think that I will probably attend.

And since the email references ProSystem fx, an ATX user probably did not get the same notice.

And while income to partners is taxable regardless of whether or not distributed, nothing has been said about what type of income this partnership makes which would affect whether or not it is also subject to self employment tax unless I overlooked that in the post. If it is all rental income, and the husband takes a "salary" for managing the properties, the other income might not be subject to SE. Facts and circumstances.

You should brag on your children, Tom. They sound like they give you plenty to brag about! And KC, I don't know whether to congratulate you and your grandchild or not. The way our profession is changing, I am not sure that I would recommend it to anyone. But I am sure you had a lot to do with their choice. You are definitely someone to look up to and wish to emulate!

Personally, I would like more disclosure about what each candidate believes and plans to do for (or to!) this country, and a lot less disclosure about what they "believe" their opponent is going to do.

1. If walking is good for your health, the postman would be immortal. 2. A whale swims all day, only eats fish, only drinks water and is fat. 3. A rabbit only eats vegetables, runs and hops all day long and only lives 5 years. 4. A tortoise doesn't run and does nothing energetic, yet it lives for 450 year.s And doctors tell us to exercise? I don't think so!

I know that feeling. Sometimes you just have to walk away from the problem in order for it to make any sense at all! Glad you finally finished this one!

Congratulations, ACS41!

I knew this was a smart bunch of people on this board - congrats to all!

It seems to me that I remember reading that in the event of a federally declared disaster area, such as due to drought, income can be moved from one year to another in some circumstances. Was there a drought or any other circumstance that might have resulted in a disaster declaration?

This was posted to FaceBook by a friend of mine, and it was attributed to Eric Mendelsohn: And God promised men that good and obedient wives would be found in all corners of the world. Then He made the earth round... and laughed and laughed and laughed....

I think that it is special to receive your certificate! You have passed the test, you are honest enough to sign returns you prepare and you can continue to give your clients the help they rely on you for! That sounds special to me!

Congrats! I knew there were some very smart people on this board!

I had not seen that article. Thanks for sharing!

Wow! It was over 6 months after I took the EA exam before I received word that I had officially passed. Of course, that was before computerized testing.

I love it!

Actualy, according to Snopes.com, this prayer was used by Rev. Joe Wright at a session of the Kansas House of Representatives based on a prayer by Bob Russell for the Kentucky Governor's Prayer Breakfast. It is actually a little longer than the one KC quoted, and apparently caused a bit of controversy at the time. If you want the full scoop, try this link: http://www.snopes.com/politics/soapbox/prayernation.asp

Way to Go! Congratulations!

http://www.dol.gov/w...ayday.htm#foot2 You might try this web page for a chart on the US DOL site. I make no guarantees as to accuracy.

Personally, I advise people to shoot for a zero sum return. However, if they tell me they need a refund for whatever reason, I am perfectly happy to help them plan that way. I don't think it is always about what I thinkt is the best choice - it is about what the client needs. And for some people, they can't save if they get their hands on the money so withholding for taxes is one way to enforce saving.

Arguments over grammar and style are often as fierce as those over IBM versus Mac, and as fruitless as Coke versus Pepsi and boxers versus briefs. Jack Lynch

I totally agree with Joan. And remember, no matter how stressful tax season got, you knew it was only a few months. Hopefully, your husband will be around a long time yet and you have to be prepared to deal with this for an indefinite period of time even if he improves. So remember to take care of yourself so you can take care of him!

Potential client coming in this morning with an unusual situation. I don't have all of the details yet because we have not met, but as I understand the situation, he finished paying for his mortgage last year. However, the current holder of his mortgage (it had been sold several times) claimed that he still owed $18,000 on the mortgage. Client got a lawyer, and thought everything was straightened out. Until, that is, he received a 1099C for the cancellation of the debt. Of course, he doesn't feel like he should have to pay taxes on this amount because he thinks that the debt was paid in full not cancelled. I don't know what the lawyer did or agreed to, or what paperwork the client has signed in dealing with this matter. BUT if he really did pay the mortgage, and did not ever agree that he still owed this amount, how do we contest the bank's issuance of the 1099C? My personal feeling is that he needs to go back to the lawyer, not to me, but does anyone have any experience that is similar?

It has been a while, but there is a program update out to date in case some of you manually update like I do.